How to promote and facilitate investment in Uzbekistan?Dec 26, 2017
40 representatives of ministries, free economic zones and small industrial zones participated in a two-day training workshop on promoting and facilitating foreign direct investment in Uzbekistan. The workshop was facilitated by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) trainers and aimed at introducing state partners to best world practices of doing business and working with investors.
The training included nine sessions on determining the current situation regarding FDI in Uzbekistan, recent trends and the general policy and legislative framework in place for the attraction of FDI, improving the efficiency of Investment Promotion Agency. Several sessions were focused on formulating policies and strategies for the promotion and facilitation of FDI for sustainable development, including the use of investment promotion tools.
Azamat Fayziev, Director of the ‘Navoi’ Free Economic Zone
“Previously, I have participated in such trainings, but today I was able to learn more about investment promotion tools, including working with a corporate website and social media. I learned more about the “aftercare” approach, which implies subsequent work with investors. To date, we are more focused on attracting investments, but we need to develop “aftercare” approach. In addition, having listened to the lecturers, I understood that FEZ should expand a range of services to investors, including facilitation of obtaining permits, licenses and other procedures.”
Valentin Kotov, Banking and Finance Academy
“The lecturers showed us a rich world experience and what opportunities exist for expanding the scale of attracting investments. I would like the seminar to be continued and held separately in the regions of Uzbekistan. Despite the fact that now a lot of work is being done in this direction, it is important that policymakers in the regions understand not only how to attract investments, but also how to benefit from them and improve the country’s image. It is also important how policymakers in regions will change their attitude and turn to investors, start creating an enabling environment, not focusing on interagency issues, to increasing the country’s potential with these investments, accelerating development and improving the national brand.”
Dalida Yunusova, Chief specialist of the State Committee for Investments
“I work in the Department of Investment Policy. Introduction of tools to attract FDI is our task. The training demonstrating the best world practices was especially useful for me. We received not only theoretical knowledge, but also heard about the experience of Asian countries such as Singapore, Malaysia, what problems they faced and how they solved them. Lecturers gave recommendations and general directions how to promote investment in a short time, which is relevant today for Uzbekistan.”
Shavkat Abdusattarov, Director of the ‘Akhangaran’ Small Industrial Zone
“In addition to this training, I would like to participate in a workshop comparing Uzbek legislation in the field of investment with international practice. This would help us to adjust national legislation framework to international experience in this sphere.”
The seminar was held as part of a large-scale work on economic liberalization, which is one of the priorities of the Action Strategy of the Republic of Uzbekistan for 2017-2021, as well as one of the ways to achieve the Sustainable Development Goals adopted by UN members.
The seminar was organized by the State Investment Committee jointly with the Economic and Social Commission for Asia and the Pacific (ESCAP) and the UNDP ‘Support to Investment Climate Improvement in Uzbekistan’ project.
UNDP supports the government’s efforts to ensure sustainable economic growth through private sector development, enhancing the country’s investment attractiveness and export potential.